Diamond Young

Any time the Grizzlies play the Lakers at FedEx Forum, Grizzlies fans are reminded of the loyalty of Lakers fans when the purple and gold Lakers colors seem to be on jerseys and T-shirts throughout the arena. Jason Neal used to be a Lakers fan. But he’s now a Grizzlies fan. That alone is a win for Memphis. Even more important than that is the power equipment manufacturing facility in Memphis under the leadership of Jason Neal. Jason is president of Hyosung HICO and senior EVP of HICO America. HICO is a top supplier of power transformers and shunt reactors, high-voltage and medium-voltage switchgear, FACTS solutions and battery energy storage across the country. Jason was born and raised in Pittsburgh. He joined HICO in 2001 and became president of the Memphis transformer manufacturing operation in October 2022. He still leads the business side of HICO from the company’s office in Pittsburgh, so he splits his time between there and Memphis. “I spend significant time in Memphis and have grown to appreciate the area and the people from Memphis as well!” he said. “You notice the hospitality of Memphians right away, from the airport and even the rental car agencies to the hotels and restaurants. At every stage you are made to feel welcome. I am still learning about Memphis barbecue, sampling many of the restaurants and learning everyone’s favorite spots. And while I grew up as a showtime Lakers fan in the 1980s, I quickly changed my allegiance to the Grizzlies!” Before joining HICO, Jason worked in corporate engineering for the Bayer Corporation and as an M&A consultant for IBM. Early in his career at HICO, he worked in sales and marketing. “Like Bayer, IBM was a great experience,” said Jason. “I learned about the opportunity at HICO, the opportunity to join the launch of the North American arm of a successful global company in Hyosung Heavy Industries. I became one of its first employees in the U.S. It was very exciting to enter our company at that time.” Jason was a very good student. He earned his bachelor’s degree summa cum laude – the highest level of honor – in engineering physics from John Carroll University, specializing in electrical engineering through cross studies at Case Western Reserve University. He also earned a master’s in electrical engineering from Penn State University. HICO is a leader as a domestic producer of large power transformers, and Jason has been a key part of expanding HICO’s presence in North America. HICO has more than 400 employees in Memphis and more than 120 employees in Pittsburgh, in addition to employees across the U.S. and Canada. HICO is working to expand its capacity in Memphis and plans to manufacture other solutions the company offers. So why did a company with a world-class facility in South Korea choose to build a manufacturing facility in Memphis? “Many of us at HICO have been at our company a long time, and it was a key vision to establish a manufacturing operation in the U.S.,” said Jason. “For many years we imported equipment and solutions from South Korea. That is a world-class facility, but our partners in the U.S. wanted operations in America. In 2017 we decided to build a factory in the U.S., and a facility in Memphis became available. We acquired it on Valentine’s Day 2020. It was a milestone for our business in the U.S., truly a dream come true for all of us. “Memphis is a perfect location, central to our customers across the U.S. The rail and over-the-road access to transportation in Memphis is unmatched. But most of all we are blessed with the talented employees we have at our plant, the leaders and managers we have in Memphis, the quality of the work of our team and the products we produce day after day.” The company doesn’t just manufacture in Memphis – employees are also active supporters of the community. Hyosong HICO supports the St. Jude Memphis Marathon and Concord Academy. The company works with the Chamber to engage with schools, including hosting a Manufacturing Day at the plant earlier this month. They hire interns from colleges in Memphis and across the country. What excites Jason most about Memphis? “It’s a great location for our business, but most importantly, it is the people in Memphis. The quality of the education and the welcoming atmosphere in the community translate into our operation in Memphis. We have grown from 120 employees to more than 400 today, with plans to expand to more than 600 in the coming years. HICO is a great atmosphere to learn and work. We have a solid business model that gives all employees a voice to contribute to the direction of our company. We share together in our successes, and we face challenges together and overcome them. “It is also organizations like the Greater Memphis Chamber and the Chairman’s Circle in particular that give our company the opportunity to contribute to growth in Memphis. Our acquisition of the Memphis plant remains the single most important decision our company has made in the U.S. Our growth in Memphis is contributing to the success and expansion not only of our company, but also the industry overall.” Jason and his wife Melanie just celebrated their 25th anniversary. They have two children, Sarah and Samuel, who both attend the University of Dayton. Jason’s parents instilled a strong work ethic, and “the example of their relationship influenced my life in many ways. My father spent his entire career in the utility industry. When I entered college, I saw the utility industry as a little static, maybe not as exciting…. But I was wrong! My decision to join this industry in 2001 was the best decision I made. We have become the ‘cool industry.’ We are at the forefront of technology development.” Jason enjoys golf, vacationing near the ocean with his family and playing basketball and sand volleyball. Because of all the time spent watching with his kids, he can spout lots of quotes from the movie Cars. But his favorite movie is Shawshank Redemption, because he said it shows the importance of relationships and the ability to work together to overcome obstacles. Asked if he had anything else to add, he said, “We’ve been a proud member of the Chairman’s Circle since 2022. We look forward to more opportunities to support the Chamber and to engage with other companies in the area. We are especially proud to be here in Memphis!”